PhD (Economics) Wuhan University (2009)


[Principal Supervisor: Ying Ma

Thesis Title “The Effects of Financial Development on Economic Growth and Macroeconomic Fluctuations: A Comparative Study of China and Pakistan”


M.Phill (Economics) Quaid-i-Azam University (2002)

Principal Supervisor: Eatzaz Ahmed

Thesis Title “Estimates of Demand Functions for Composite Consumer Goods in Pakistan

Phone: +92-51
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Research Interests Publications Conferences Research Projects

 Applied Econometrics, Financial Development, Financial Inclusion and Macro Economics     


  1. Energy-Driven Economic Growth: Energy Consumption-Economic Growth Nexus Revisited for China Emerging Markets Finance and Trade 50, 5, 159-168, 2014

  2. Military Expenditures and Economic Growth: Allowing Structural Breaks in Time Series Analysis in the Case of India and Pakistan [Forthcoming in Quality and Quantity]

  3.  “Growth Effects of Fiscal Decentralization: Empirical Evidence from Chinese Provinces” Emerging Market Trade and Finance 50 (2014) 4, 176–195

  4. Fiscal deficit and inflation: New evidences from Pakistan using a bounds testing approach. Economic Modelling 37 (2014) 120–126

  5.  “Energy-growth conundrum in energy exporting and importing countries: Evidence from heterogeneous panel methods robust to cross-sectional dependence” Forthcoming in Energy Economics 44 (2014) 314–324

  6. Tourism-growth nexus in Pakistan: Evidence from ARDL bounds tests. Economic Modelling 35 (2013) 185–191

  7. “Modeling the impact of education on the economic growth: Evidence from aggregated and disaggregated time series data of Pakistan” Economic Modelling 31,383–388

  8. Modeling income inequality and openness in the framework of Kuznets curve: New evidence from China in Economic Modelling 2012: 309–315

  9. Long-run relationship between income inequality and financial development in China in Journal of the Asian Pacific Economy  16, 202–214.

  10. The Impact of Financial Development on the Environment in China: Empirical Evidence from Autoregressive Distributed Lag Bounds Tests. Energy Economics 33, 284-291.

  11. Impact of Financial Development on Economic Growth: Empirical Evidence from Pakistan. Journal of the Asian Pacific Economy 16, 71-80

  12. Environmental Kuznets Curve for CO2 Emissions: A Cointegration Analysis for China. Energy Policy 37, 5167-5172

  13. Finance-growth nexus in China revisited: New evidence from principal components and ARDL bounds tests. International Review of Economic and Finance 19, 189-195

  14. Financial Development, Economic Growth and Adaptive Efficiency: A Comparison between China and Pakistan China & World Economy 16, 97-111

  15. Stock Market and Investment in an Emerging Economy: The Case of Turkey Ekonomska Istrazivanja-Economic Research, 22(4), 17-29

  16. Openness and Economic Growth in an Emerging Economy: The Case of Russia Ekonomska Istrazivanja-Economic Research, 22(2), 63-73

  17. Real Exchange Rate Changes and the Trade Balance: The Evidence from Pakistan The International Trade Journal, 26:139–153,

  18. Financial Development and GDP Volatility in China. Economics Notes 39, 27-41.

  19. Explaining Exchange Rate Movements: An Application of the Market Microstructure Approach on the Pakistani Foreign Exchange Market Journal of Developing Areas  44, 55-65


    Other Peer Reviewed Publications


  20. Testing the Environmental Kuznets Curve Hypothesis in Portugal. International Journal of Energy Economics and Policy, 2015, 5(2), 475-481.

  21. Almost Ideal Demand System and Uniform Taxation in Pakistan: Econometric Evidences for Consumer Goods in Pakistan, 1984-2008. Applied Econometrics and International Development 13-2 2013

  22. The Effect of Monetary Policy on Price Stabilization and Economic Growth: A comparative Study between China and Pakistan. Economic Review, .2, .51-61 [in Chinese Language]

  23. Corruption and GDP Growth: A nexus revisited in Forman Journal of Economic Studies 4, 73-86

  24. On the Relationship between NEER and REER Movements: Empirical Evidence from China. Banking and Finance Letter 2, 02

  25. Financial Development and Economic Growth: Time Series Evidence from Pakistan and China Journal of Economic Cooperation among Islamic Countries  29, 29-68

  26. The Optimal Demand for Foreign Exchange Reserves in Pakistan. International Journal of Applied Econometrics and Quantitative Studies. 5, 33-48

  27. The Finance-Fluctuation Nexus: Further Evidence from Pakistan and China International Research Journal of Finance and Economics 14, 212-231

  28. Effectiveness of Foreign Exchange Intervention: Evidence from Pakistan; SBP Research Bulletin 3, 191-208

  29. Money Demand Function for Pakistan, Forman Journal of Economic Studies 3, 32-60

  30. Testing Monetarist’s Doctrine for China, Journal of Chinese Economic and Finance 3, 61-79.

  31. Impact of Terrorism on Economy of Pakistan: The Role of Print Media: Pakistan Journal of Social Sciences  31, 80-94

Title of Thesis

Name of Student


Completed Research at MPhil Level

Finance-Inflation nexus: Heterogeneous panel Methods

Farah Habeeb


Investment Efficiency and Financial Development in Paksitan

Hammad Manzoor


Trade and Violence : A gravity model Approach

Abdul Rauf


Rent Seeking and Aid-Growth Nexus



Terrorism, Media Corruption and Economy of Pakistan

Amaan Khan 


The role of Judicial Strength in Innovation Led Growth

Shamrez Bhatti  


Trust and capital formation in developing countries

Iffat Rubab 


The power of family and household behaviour: the case of Pakistan

Asma Fiaz



Armed races in Pakistan and India: A game theoretic Approach

Hafiz Khurrum Nadeem



The Role of political  (In)stability in determining the income inequality of the developing countries

Ishfaq Khan


Impact of Corruption on Foreign Direct Investment : Evidence from Dynamics Heterogeneous Panel Data

Ameena Qureshi


On the Determinant of Financial Development in Pakistan

Humera Akbar


Demand for Foreign Exchange Reserves under Alternative Exchange Rate Regimes: A Cross Country Analysis

Sundus Saleemi


Tourism-Growth Nexus: A Cointegaration Analysis for Pakistan

Tahir Mahmood


R&D, Intellectual Property Rights and Economic Growth in Developing Countries

Javed Rasool


Openness, Economic Growth and Income Inequality in Developing Countries

Javaria Ahmed


The Impact of Trade Liberalization on the Environment of Pakistan

Nadia Bukhari


Under Supervision at MPhil Level (below are the suggested titles)

Entrepreneurship and Economic Growth in Developing Economies

Samia Manan

The Determinants of Success of World Bank Projects 

Rabbia Tariq

Talent, Technology and Economic Growth: A Path Analysis 

Rabia Haroon

Inter-factor and Inter-Fuel Substitution for Economy of Pakistan

Waqar Khalid

PhD Scholars Enrolled (Proposed Area)

Three Essays on International Risk Sharing

Nazia Bibi 

 Economics of Heath in Pakistan

Ayesha Iftikhar 

The Analysis of trade policy of Pakistan in CGE framework

Naseeb Zada  

Trade liberalization and Economic Growth

Mudassara Javed  

Economics of Non-violence Crime

Humera Akbar

Testing the Tourism Growth Nexus: A cointegration Analysis for Pakistan in Emerging Issues of Social Science in Pakistan, Islamabad 2012


Korean Economic Development and Policy: Lesson from Pakistan. An invited lecture in NUST, Islamabad

Openness and Economic Growth in Brazil: Evidence from ARDL Bounds Testing Procedure. 37th European Economic Association conference, New York USA Feb 25-27, 2011

Trade Balance and Real Exchange Rate Changes: A Revisit. 17th International Economic Conference SIBIU, Romania May 13-14, 2010


Financial Development and Reduced Growth Volatility: Evidence from China (July 2009). International Trade and Finance Association Conference Papers. 19th International Conference in Beijing (


Financial Development, Trade and Growth Linkages: Bound Testing Approach on South Africa and China CIBS II Project Meeting of UNU WIDER in Johannesburg, South Africa 2008


The Finance-Fluctuation Nexus: Further Evidence from Pakistan and China: Presented in the 23rd AGM of Pakistan Society of Development Economics Islamabad, Pakistan 2008


Finance-growth Nexus: Principal Component analysis for Pakistan and China; Presented in an international seminar held in Centre for Development Economics Research in Wuhan. 2008


Exchange Rate Determination and Order flows: Evidence from Pakistan: International Seminar in Wuhan University. 2006

Quaid-i-Azam University Islamabad, 45320, Pakistan.
Tel: +92-51 9064 0000,